Bitcoin's August Surge May Be Followed by September Correction
Bitcoin's strong August performance has raised questions about whether the rally will continue into September. After rising by over 24% in August, Bitcoin is currently trading at around $78,320.
This follows a modest pullback from its high of $81,455 reached earlier this month. The strong move also helped break Bitcoin's long-running pattern of weak August performance.
One reason behind the jump was the U.S. Treasury doubling its long-term bond buybacks to at least $4 billion per operation. Institutional demand for Bitcoin also picked up, with U.S. spot Bitcoin ETFs reportedly attracting more than $3 billion in August.
However, despite this strong performance, September has historically been a weaker month for Bitcoin, with an average return of around -3% over the years.